FVC statistics refer to the aggregated balance sheet of the financial vehicle corporation
(FVC) sector resident in the euro area. Aggregated results are compiled for the following
four vehicle sub-categories: (i) FVCs engaged in traditional securitisation; (ii) FVCs engaged
in synthetic securitisation; (iii) FVCs engaged in insurance-linked securitisation; and (iv) other
FVCs. For more information, see here.

Types of data source

The national central banks (NCBs) of the Member States collect data on FVCs according to standards set out in
Regulation ECB/2013/40 and report national aggregates to the ECB. The list of FVCs is published by the ECB
(see here).

Seasonal adjustment

Not adjusted

Periodicity

Quarterly

Timeliness

Publication on the 35rd working day after the end of the reference quarter

The framework for the collection of FVC statistics is laid down in the ECB Regulation concerning statistics on the assets and liabilities of financial
vehicle corporations engaged in securitisation transactions (ECB/2013/40). This Regulation is complemented by Guideline ECB/2014/15.
They are available for downloading here.

Counterparty sectorisation is available for some of the FVCs' balance sheet positions, following ESA 2010 sectorisation rules.

Transactions coverage

Whole financial balance sheet, comprising end of period stocks and transactions during the period.

Nature of the basic statistical data

Please see "Types of data source"

Adjustments

No adjustments

Aggregation

Data are aggregated across the FVC sector in each Member State by NCBs to derive national contributions to the euro area aggregated balance sheet of the FVC sector.

Consolidation

No consolidation. Inter-FVC positions are shown on the balance sheet.

Index type

All growth rate computations refer to an index of notional stocks, rather than to the stock data directly.
This allows to present developments in the series free of the effects that non-transactions would have on
the growth rate of stocks. The index of notional stocks is computed as a chain index I(t) = I(t-1)*[1+F(t)/S(t-1)],
where F(t) are transactions during the period and S(t-1) are stocks at the end of the previous period. The index is
computed in a way similar to that used in monetary financial institutions (MFI) statistics, on which more information
is available in the Technical Notes to the Euro area
statistics section of the ECB Statistical Bulletin.

Validation

Validation is based on the verification of balance sheet constraints, and on checks on the plausibility of developments at various levels of aggregation.